Corn

The COT report shows that funds reduced their net short positions in corn futures and options by 44,000 contracts as of September 10. The total net short position is now over 132,000 contracts, the lowest since May, and down more than 220,000 contracts from the peak in July. Meanwhile, commercial funds added nearly 32,000 contracts to their net short position, totaling over 107,000 contracts.

Export sales data indicates that the total corn export commitments are 13.36 million tons, the highest in three years to start the marketing year and 20% higher than a year ago. This figure also represents 23% of the USDA's current export forecast for the 2024/25 crop year, slower than the average pace of 28%.

Corn prices surged nearly 1.8% in the final trading session of the week compared to the previous session. The December corn futures contract settled at 413.25 cents per bushel.

Soybeans

The USDA reported private export sales of 100,000 tons of soybeans for the 2024/25 crop year to China.

NOPA's crushing data will be released today, with August's crush expected to reach 171.325 million bushels.

The COT report shows that a total of nearly 23,500 contracts were bought back by large managed money funds from their net short positions, with the figure exceeding 130,600 contracts as of September 10, the lowest since late June. Meanwhile, commercial traders reduced their net long positions to over 17,000 contracts, at more than 44,800 contracts.

Export sales reports show that new crop soybean export commitments stand at 14.244 million tons, the lowest start for the marketing year since 2019/20 and down 14% from a year ago. This figure is only 31% of the USDA's current export forecast, lower than the average sales pace of 39%.

Soybean prices ended their rally, with the November futures contract settling at 1,006.25 cents per bushel, down 0.45% from the previous session.

Wheat

The COT report shows that the net short position for CBOT wheat futures and options by funds as of September 10 was 29,400 contracts.

The USDA's Export Sales report shows total wheat export commitments at 10.8 million tons as of September 5, the highest in four years and 30% larger than last year. This figure also represents 48% of the USDA's export forecast, with the five-year average at 51% of that forecast.

The December wheat futures contract surged, settling at 594.75 cents per bushel, up nearly 3% from the previous session.

Source: Barchart